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Redwood Falls city, MN

ZIP 56283 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 56283

Median Home Value
$177,200
Median Rent
$654
Affordability Snapshot
$49,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,138/mo PITI).

12%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.7x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

22.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 56283 in Redwood Falls city, MN, a household would need roughly $49,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,138. That sits below the local median household income ($66,548), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 13% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
75.3%+15% vs US avg
x
Vacancy Rate
12.9%+26% vs US avg
x
Broadband Access
86.6%-0% vs US avg
x
4+ Bedrooms
8.9%-40% vs US avg
x
Built Pre-1939
7.3%-43% vs US avg
x
Built Post-2014
0.9%-86% vs US avg
x
Rent Burden >30%
25.2%-49% vs US avg
x
Mortgage-Free
48.4%+27% vs US avg
x
$177,200
Home Value
$654
Rent
1972
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached72.0%
  • 1-unit attached7.0%
  • 2-9 units5.0%
  • 10+ units8.7%
  • Mobile home & other7.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$177,200
Median rent$654
Owner-occupied75.3%
Vacant12.9%
Price-to-income2.7x
Est. income to buy$49,000